myAutoloan is a popular loan matching service available online that offers a wide range of financing options for your car. The company operates in the virtual space only and aims to provide personalized financing options without any confusing procedures. It requires you to submit just a single application which will provide you with multiple offers from auto lender across the country.
The loan application process takes mere minutes to get you started off and is quite easy, ensuring you do not waste much time. myAutoloan is an ideal source for people who have an average credit rating and are looking for an auto loan.
read lessA drawback of myAutoloan is that the interest rates directly correlate with your credit scores. Hence, it may not be one of the best options available if you have a low credit score. The website is specifically for people who are serious auto loan shoppers and don’t mind a hard credit pull. Another disadvantage is that customer service is only available through email and not the phone.
The ultimate advantage of opting for myAutoloan is that you get multiple loan offers within minutes of application. It is a great option if your credit score falls in the range of good or average. There are also a variety of financing options and calculators to do the math, so you make a well-informed decision. Also, the offers don’t expire immediately and give you the time to research and decide.
Apart from new and used car loans, some other options to finance your car include:
One of the key tools offered by myAutoloan is that you have loan offers valid for 30 days which gives you the time to decide and plan. Also, you can have a co-signer in your application to get better offers or to increase your chances of loan approval. Apart from these tools, myAutoloan has a number of useful estimators and calculators to do the math of your loan amounts, interest rates, and payment amounts. You can also get quotes from auto insurance agencies that are partnered with this service.
myAutoloan requires a hard credit pull, which means a thorough inquiry is conducted regarding your credit score. Your consent is needed to do a hard credit pull as it affects your score. This is usually conducted while applying for an auto loan. Hence, it is essential that you are sure you want an auto loan and are not simply considering the option. An excellent credit score is usually considered to be 720 or above and will offer the best annual percentage rates like 2.74% for purchase loans and 2.49% for refinance loans. Also, any score between 690 to 719 is considered good. The average credit score of a MyAutoLoan customer is 628 for purchase loans and 602 for refinance loans.
The entire application process of myAutoloan is convenient and can be easily completed online. The loan process is quite secure and confidential and needs barely a few minutes to complete.